Bitcoin Slows Plunge Below $40K, What\u2019s The Best Point For A Pullback?<\/a><\/em><\/strong><\/p>\nAs a result of the unexpectedly sluggish performance of the digital yuan during the Winter Olympics, RMB payments rose more than 10% versus December.<\/p>\n
The RMB now accounts for 3.3% of all global transactions, up from 2% in November. On the other hand, the British pound accounts for 6.2% of global commerce.<\/p>\n
… But The US Dollar Dominates<\/h3>\n
Interestingly, when it comes to digital currencies, the US dollar continues to reign supreme. Chainalysis stated in 2020 that $50 billion in cash went out of China in cryptocurrency, the most of it in dollar-pegged tether.<\/p>\n
“Despite the United States’ declining share of global GDP, the dollar continues to dominate, most notably in the digital environment,” Bloomberg commodity strategist Mike McGlone stated in April last year.<\/p>\n
Meanwhile, momentum indicators remain negative, showing that selling pressure has been constant over the last month for Bitcoin.<\/p>\n
BTC failed to break above its 40-week moving average of $45,724, indicating a bearish bias.<\/p>\n
Featured image from NewsXPres.com, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"Bitcoin plunges below $40,000 in the early hours of the weekend and proceeded to backpedal in the face of escalating tensions on the Ukraine-Russia border, not to mention ongoing inflationary unease. At the time of writing, the world’s most popular cryptocurrency was trading near $38,700, down 3.4% in the previous 24 hours and at its lowest level since February 3. Bitcoin had been holding solidly above $40,000 in recent days, however Friday’s decline was the first time since February 4 that it fell back into the $30,000 region. Ether and nearly all other major cryptocurrencies were down as well. A probable misuse of OpenSea, the leading NFT platform, may have shooed away investors even further away from cryptocurrency. Related Article | Bitcoin Falls As Russia-Ukraine Tensions Escalate Bitcoin Plunges: Lots Of Factors At Play Bitcoin’s price has been slowing in recent weeks following Federal Reserve Chairman Jerome Powell’s announcement that the central bank will begin hiking rates at its March meeting in response to persistent inflationary pressures. More broadly, January’s significant BTC decline occurred following the stock market’s worst month since March 2020 and the issuance of the Fed’s long-awaited research on the possibility of a government-issued digital currency. All of these concerns may have prompted investors to “reduce their exposure to crypto,” according to Joe DiPasquale, chief executive officer of fund manager BitBull Capital. Prior to Feb. 4, Bitcoin had been unable to break through the $40,000 barrier since January 20. On Jan. 24, Bitcoin fell below $34,000 for the first time since July of last year. BTC total market cap at $736.97 billion in the daily chart | Source: TradingView.com Russian Forces Given Green Light To Invade? The price decline occurred as US intelligence revealed Russia is on the verge of attacking Ukraine. On Sunday, US Secretary of State Antony Blinken stated that everything “appears to be taking place” in the run-up to the invasion. Russian forces gathered near Ukraine’s border have received orders to invade, according to The Guardian on Monday, citing information from U.S. intelligence agencies. Elsewhere, Yuan Shows Strength As last week in Asia came to a conclusion, Chinese official media announced that the yuan, China’s currency, was comfortably flexing its muscles. According to China’s media, the value of RMB payments climbed by nearly 11% in January, citing data from SWIFT, a Belgian cooperative society that acts as an intermediate and executor of financial transactions between banks from around the world. Related Article | Bitcoin Slows Plunge Below $40K, What\u2019s The Best Point For A Pullback? As a result of the unexpectedly sluggish performance of the digital yuan during the Winter Olympics, RMB payments rose more than 10% versus December. The RMB now accounts for 3.3% of all global transactions, up from 2% in November. On the other hand, the British pound accounts for 6.2% of global commerce. … But The US Dollar Dominates Interestingly, when it comes to digital currencies, the US dollar continues to reign supreme. Chainalysis stated in 2020 that $50 billion in cash went out of China in cryptocurrency, the most of it in dollar-pegged tether. “Despite the United States’ declining share of global GDP, the dollar continues to dominate, most notably in the digital environment,” Bloomberg commodity strategist Mike McGlone stated in April last year. Meanwhile, momentum indicators remain negative, showing that selling pressure has been constant over the last month for Bitcoin. BTC failed to break above its 40-week moving average of $45,724, indicating a bearish bias. Featured image from NewsXPres.com, chart from TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":484164,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,83361,83386,3,13671,4],"tags":[428,1119,6664,3730,4276],"class_list":["post-484151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-btc","category-crypto","category-news","category-events","category-analysis","tag-bitcoin","tag-btc","tag-crypto","tag-russia","tag-ukraine"],"acf":[],"yoast_head":"\n
Bitcoin Plunges Below $40 As Russia Has Reportedly Given Its Forces Order To Attack Ukraine<\/title>\n<meta name=\"description\" content=\"Bitcoin plunges below $40,000 in the early hours of the weekend and proceeded to backpedal in the face of escalating tensions on the Ukraine-Russia\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-plunges-below-40\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Plunges Below $40 As Russia Has Reportedly Given Its Forces Order To Attack Ukraine\" \/>\n<meta property=\"og:description\" content=\"Bitcoin plunges below $40,000 in the early hours of the weekend and proceeded to backpedal in the face of escalating tensions on the Ukraine-Russia\" \/>\n<meta property=\"og:url\" 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Plunges Below $40 As Russia Has Reportedly Given Its Forces Order To Attack Ukraine","url":"http:\/\/wncen.com\/news\/bitcoin-plunges-below-40\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-plunges-below-40\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/Russian-invasion-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/Russian-invasion-1.jpg?fit=680%2C454"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","crypto","russia","ukraine"],"dateCreated":"2022-02-21T10:26:24Z","datePublished":"2022-02-21T10:26:24Z","dateModified":"2024-06-11T12:28:54Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Plunges Below $40 As Russia Has Reportedly Given Its Forces Order To Attack Ukraine\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-plunges-below-40\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-plunges-below-40\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/02\\\/Russian-invasion-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/02\\\/Russian-invasion-1.jpg?fit=680%2C454\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"crypto\",\"russia\",\"ukraine\"],\"dateCreated\":\"2022-02-21T10:26:24Z\",\"datePublished\":\"2022-02-21T10:26:24Z\",\"dateModified\":\"2024-06-11T12:28:54Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/Russian-invasion-1.jpg?fit=680%2C454","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/484151"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=484151"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/484151\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/484164"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=484151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=484151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=484151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}